
Kathleen McCarthy, Global Co-Head of Blackstone Real Estate
Blackstone leads Mingtiandi’s collection of headlines from around the region with a plan to double its investment in India logistics with an eye to taking the business public. Also making the list, China’s Country Garden posts its biggest sales drop in at least seven years and Canada’s CPPIB eliminates 10 percent of its Hong Kong staff.
Blackstone Out to Double India Warehouse Investments, Aims for IPO
Blackstone plans to more than double its holdings of Indian warehouses and may eventually take the logistics business public as the asset manager increases its bets on the world’s fastest-growing major economy.
The New York-based firm may boost the warehouse space to at least 100 million square feet (9.2 million square metres) in India in two to three years, according to Kathleen McCarthy, co-head of the global real estate business. Blackstone would eventually look to raise money from the booming business through a large strategic sale or public offering in the next 12 to 24 months, she said. Read more>>
Country Garden Sales Dropped 85% in February Amid Wind-Up Fears
Country Garden Holdings posted its biggest sales decline in at least seven years, adding to the woes of the Chinese developer that is now facing a lawsuit seeking its liquidation.
Contracted sales for February plunged 85 percent from the same period a year earlier, widening from a 75 percent slide in January, corporate filings show. Transactions shrank 32 percent from the previous month. Read more>>
CPPIB Cuts 10% of Hong Kong Jobs on China Stock Slump
The Canada Pension Plan Investment Board has eliminated about a dozen positions on its Greater China public equities team this week, representing close to 10 percent of its Hong Kong staff, a person familiar with the matter said.
The Toronto-based pension fund has communicated the cuts to its staff and will transfer the portfolios of the affected employees to other investment teams, the person said, asking not to be identified commenting on personnel matters. After the reduction, the firm will have about 140 positions in Hong Kong, the person said. Read more>>
Singaporean Jailed for Aiding Chinese National’s Illicit Housing Buy
A Singaporean man was involved in the purchase of three houses on East Coast Road worth more than S$6 million ($4.4 million) in total, with a Chinese national providing the money for their purchase, a district court heard.
None of the three landed properties was a “non-restricted residential property”, so foreigners are normally not entitled to buy them. Read more>>
WeWork Rival IWG Weighs US Listing Amid Expansion Plan
IWG is preparing to make a final call on pursuing a stock market listing in the US as the company seeks to persuade investors it should be valued more like tech darlings Uber Technologies or Airbnb.
The London-listed flexible office company has switched the currency in which it reports to dollars and is reviewing adopting US GAAP accounting standards to reflect the fact that most of its earnings are generated in the region, according to a statement Tuesday. The group, which owns the Regus serviced office brand, will likely make an “announcement regarding the company’s intentions” on whether to adopt GAAP during the first half of this year, it said. Read more>>
China to Refine Real Estate Policies to Boost Ailing Sector
China will refine real estate policies to provide stronger support for the ailing sector, as the property crisis drags into a fourth year.
The government will treat real estate companies equally regardless of their ownership, according to proposals outlined in a work report to the National People’s Congress on Tuesday. Read more>>
Korea’s NH Investment Shortlists Three CEO Candidates
South Korean brokerage house NH Investment & Securities has shortlisted three candidates for its next chief executive as current CEO Jeong Young-chae will leave the company later this month.
The three candidates are vice CEO Yoon Byung-un, former National Agriculture Cooperative Federation vice chairman Yoo Chan-hyung and former Samsung Securities vice president Sa Jae Hun, according to banking sources on Tuesday. Read more>>
Hong Kong’s Fortune REIT Eyes Fresh Property Buys
Hong Kong-listed Fortune REIT plans to buy new properties as one of its growth strategies and declared no financing demand after its distributable amount decreased last year due to rising finance costs.
Total distributable amount dropped 7.6 percent to HK$810.6 million ($103.6 million) in 2023 as finance costs surged 45.3 percent amid the high-interest rate environment. Distribution per unit fell 8.5 percent to 40.38 HK cents. The final dividend decreased 14.6 percent to 18.02 HK cents, leading to a 9.1 percent yield rate, based on its unit price of HK$4.45 on Tuesday. Read more>>
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